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Accounting & Procurement SOP | MEICON INFRASTRUCTURE ENGINEERING CONSTRUCTION
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How It Works & Overview

Integrated Financial Control & Procurement Management

How It Works

MEICON delivers a sophisticated Estimation as a Service solution that streamlines accounting, financial control, and procurement for construction and infrastructure projects. We leverage our GCC-based centralized operations and AI-driven forecasting to maximize your project's cost efficiency, transparency, and regulatory compliance.

Scope

Our service offerings cater to PMC, EPC, and design-build contracts, providing comprehensive management of billing cycles, procurement, and inventory. We support seamless multi-currency operations (INR/USD), ensuring your projects remain fully aligned with all statutory and tax requirements in India and the U.S.

Strategic Objectives

We aim to deliver 100% transaction traceability by integrating accounting directly with your project MIS. Through our specialized AI analytics, we reduce manual billing cycles by 40% and proactively predict financial gaps, keeping your operations in total alignment with ISO, GAAP, and FEMA standards.

Service Delivery Framework

Process Flow

01.
GCC Finance & Procurement Division
  • Centralized accounting, invoice validation, purchasing control
  • GCC Finance Head
  • Field expense & invoice data entry
  • Site Accountant
  • Vendor onboarding, PO issuance, supply chain tracking
  • Procurement Manager
  • Consolidation, audit, and statutory compliance
  • CFO / Controller
  • Variance alerts & cash-flow forecasting
  • GCC Data Analyst
Digital Ecosystem

Tools &
Platforms

Accounting

QuickBooks Online / Zoho Books

Core Finance Multi-currency
Procurement

Power Apps + Excel

PR / PO Workflow Vendor Portal
Automation

Power Automate + AI Builder

Invoice OCR Alerts
Reporting

Power BI

Cost Dashboards Cash Flow Analysis
Document Control

SharePoint / OneDrive

Invoice & PO repository
Vendor Portal

Excel + Forms / App

Performance tracking
Communication

Teams / Outlook

Approvals & queries
Performance Indicators

KPIs &
Performance Metrics

≤ 5 Days
Invoice Processing Cycle
≤ 3 Days
Purchase Order Approval Time
≥ 95 %
Vendor Compliance
≤ 5 %
Cost Variance (Forecast vs Actual)
≥ 90 %
Cash Flow Accuracy
100 %
Audit Traceability (Digital)
Ongoing Enhancement

Continuous
Improvement

AI Training

Quarterly AI training on invoice and cost forecast models.

Benchmarking

Procurement cost benchmarking across projects.

Vendor Feedback

Vendor feedback and scorecard integration.

Service Execution Details

Roles & Timelines

Invoice Management Workflow

Stage Activity Responsibility Tool
1. Invoice Receipt Vendors submit invoice digitally (via SharePoint / Procurement Portal). Vendor / Site Accountant SharePoint
2. Verification Cross-check PO vs GRN vs Invoice details. GCC Accounts Team + Procurement Power Automate / Excel
3. Approval Routing 2-level approval (Project Manager + Finance Head). Power Apps Workflow
4. Booking & Payment Record in QuickBooks / Zoho Books and schedule payment. GCC Finance QuickBooks Online
5. Filing & Audit Archive in Invoice Repository with AI tagging for audit. GCC Accounts QA SharePoint Legal Drive

Purchasing / Procurement Management

Stage Activity Responsibility Tool
1. Vendor Onboarding Prequalification + KYC + bank verification. GCC Procurement + Finance Vendor Master Portal
2. Purchase Requisition (PR) Site raises PR with specifications and estimated cost. Site Engineer / Project Manager Power Apps PR Form
3. Quotation & Comparison GCC procurement collects minimum 3 quotes and AI evaluates L1/L2/L3. GCC Procurement Excel + Power BI
4. PO Creation & Approval Draft PO validated by Finance + PM + MD for value > ₹5 L / $10 k. GCC Procurement + Finance Power Automate Workflow
5. Goods Receipt Note (GRN) Site acknowledges delivery / service completion. Store Keeper / Engineer Fieldwire / Forms
6. Payment Release GCC Finance clears invoice post-GRN & QA approval. GCC Finance QuickBooks Online
7. Vendor Performance Review Quarterly evaluation of quality and delivery. Procurement Manager Power BI Vendor Dashboard

Roles & Responsibilities

Role Key Responsibilities
CFO / Finance Head Governance, approvals, audit oversight
GCC Finance Manager Accounting, invoice control, cash flow
Procurement Manager Vendor management & PO compliance
Project Accountant Field data entry & cost tracking
Internal Auditor Quarterly compliance review

GCC + AI Integration

Function Outcome
Invoice Validation 50 % faster processing
Budget Forecasting Early variance alerts
Procurement Analysis Transparent award decisions
Payment Scheduling 25 % better cash utilization

Compliance & Governance

ISO 9001:2015 – Financial Quality
ISO 37301:2021 – Compliance
ISO 37001:2016 – Anti-Bribery
Indian Companies Act, GST, TDS
U.S. GAAP & IRS Regulations
MEICON Finance Policy (ME-POL-11)